Mass. home median prices on the rise

Tuesday

Jul 23, 2013 at 10:14 AMJul 23, 2013 at 3:59 PM

THE ASSOCIATED PRESS

BOSTON — The median sales price of a single-family home in Massachusetts has risen to its highest level in almost six years.

The Warren Group reported Monday that median prices jumped 9 percent last month when compared to June 2012 to $350,000. The Massachusetts Association of Realtors reported a nearly 7 percent year-over-year jump to just over $350,000. Both said it was the ninth consecutive month of year-over-year price rises and the highest they have been since August 2007.

The organizations use slightly different methods in their calculations.

The Realtors reported a 1.6 percent increase in sales of single-family homes last month, while The Warren Group reported a 1 percent jump.

The Realtors president said concern that interest rates would rise and a lack of inventory helped drive up prices and sales.

In Worcester County, sales of single-family homes fell 5.4 percent from last year, to 683 homes in June. The median price of homes jumped nearly 14 percent, to $242,000, according to the Warren Group.

Worcester County condo sales followed a different track, with sales rising 1.6 percent and the median sale price falling 12.5 percent.

Priyanka Dayal McCluskey of the Telegram & Gazette staff contributed to this report.